Stop Out Friday

Increased Dollar weakness has had a cleansing effect across several of my open campaigns. And that’s fine as a rebound in forex opens up new entry opportunities. Plus given recent volatility across all sectors I don’t enjoy heading into the weakness holding a boatload of exposure. Let’s see where we’re at:

The one survivor is the E-Mini which is now starting to look very positive. If we see continuation today then the current short squeeze could easily accelerate starting next week.

My trail is now at 1.3R but still over 1R away from the current MFE. Also let’s not forget that I already squeezed out 1.5R on the initial leg up. Good times 😉

As suspected gold was waiting for a breather on the dollar side as the USD/JPY is now heading lower. My trail here has been advanced from break/even to about 1R. Again I’m giving this one enough space to run.

Let’s not sugarcoat it – corn is looking like a stop out at ISL. Things on the daily panel are looking messy now, thus lowering the probability for a clean dip and pop higher.

The one that irks me a bit this morning is soybean oil, which is starting to look like the one that got away this week. I was hoping for a dip lower to 30.86 but it actually turned right at my diagonal support line (which I had drawn previously).

Odds here now support a run and squeeze higher, so if you’re in this one do nothing and let her run.

Not surprisingly my DX campaign has finally come to an end. Boy that was a fun one which netted me 10R in ill-gotten gains. A re-entry sometime next week is a possibility. Already I’m seeing a lot of Euro bullishness in the MSM, which leads me to believe that continuation higher in the Dollar is a possibility.

Similarly USD/JPY is a stop out at break/even but again I think the fat lady hasn’t sung here yet. This is a pretty bullish looking pattern on the daily panel.

And finally cable is a goner too which is a bit surprising given the dip in the Dollar. Not sure what’s going on but we knew that this one was a risky play due to lack of daily context, thus I only deployed 0.3% – not much lost.

Now the EUR/USD is a long entry either today or Monday if it decided to pull back one more time and retest its 100-hour SMA. For that eventuality I’ve got a limit order set to fill at 1.19075 or better.

Enjoy Your Weekend

I got up early this morning and strolled to our beautiful mercado central here in Valencia to pick up a nice collection of Bavarian Hefeweizen goodness.

So I’m more than amply prepared to enjoy another gorgeous spring weekend. I hope that, wherever you are, you’ll do be doing the same.